Freeport-McMoRan: Grasberg Isn’t Slowing Down—How Block Cave & Kucing Liar Could Drive a Powerful Decade of Production!

Freeport-McMoRan reported a 2025 outcome that, while disrupted by the Grasberg incident, still showed relative stability in consolidated performance and a stronger finish than initially expected. Annual copper sales and unit net cash costs came in slightly better than adjusted guidance, with consolidated unit net cash costs of $1.65 per pound within a narrow range of the initial outlook and adjusted EBITDA near $10 billion, similar to 2024. The company framed this as evidence of portfolio diversification, particularly the strength of the Americas operations in the prevailing price environment. The operational setback in Indonesia reduced annual copper volumes by roughly a tenth versus the original plan, and the recovery timeline remains the central operational swing factor over the next two years.